Company Valuation: CapitaLand Ascendas REIT

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 12,384 11,519 13,313 11,309 13,052 12,438 - -
Change - -6.98% 15.57% -15.05% 15.41% -4.7% - -
Enterprise Value (EV) 1 18,704 18,091 20,258 18,296 20,163 20,282 20,438 20,655
Change - -3.28% 11.98% -9.69% 10.2% 0.59% 0.77% 1.06%
P/E 12.8x 15.3x 77.2x 15x 16.7x 15.9x 15.2x 14.5x
PBR 1.24x 1.16x 1.34x 1.13x 1.24x 1.07x 1.07x 1.06x
PEG - -0.7x -1x 0x -12.64x -2.03x 2.96x 2.97x
Capitalization / Revenue 10.1x 8.52x 9x 7.43x 8.48x 7.53x 7.15x 6.88x
EV / Revenue 15.3x 13.4x 13.7x 12x 13.1x 12.3x 11.7x 11.4x
EV / EBITDA 22.8x 20.8x 22x 19.2x 20.9x 19.2x 18.3x 17.8x
EV / EBIT 22.8x 20.8x 22x 19.2x 20.9x 19.3x 18.4x 18x
EV / FCF 30.5x 20.3x 25.8x 20.7x 21.1x 1,648x 22.5x 21.8x
FCF Yield 3.27% 4.93% 3.88% 4.84% 4.74% 0.06% 4.44% 4.6%
Dividend per Share 2 0.1526 0.158 0.1516 0.152 0.15 0.1527 0.1578 0.1641
Rate of return 5.17% 5.77% 5% 5.92% 5.3% 6.13% 6.34% 6.59%
EPS 2 0.2297 0.1789 0.0393 0.1718 0.1695 0.1562 0.1642 0.1723
Distribution rate 66.4% 88.3% 386% 88.5% 88.5% 97.8% 96.1% 95.3%
Net sales 1 1,226 1,353 1,480 1,523 1,539 1,652 1,740 1,809
EBITDA 1 819.9 868 920.4 951.3 963.5 1,058 1,119 1,160
EBIT 1 819.9 868 920.4 951.3 963.5 1,051 1,109 1,145
Net income 1 957 760.4 178.5 764.1 769.7 729.9 780.8 823.6
Net Debt 1 6,320 6,572 6,946 6,987 7,111 7,844 8,000 8,217
Reference price 2 2.950 2.740 3.030 2.570 2.830 2.490 2.490 2.490
Nbr of stocks (in thousands) 4,197,930 4,203,991 4,393,607 4,400,309 4,611,952 4,995,215 - -
Announcement Date 2/8/22 A 2/2/23 A 2/1/24 A 2/6/25 A 2/5/26 A - - -
1SGD in Million2SGD
Estimates

P/E, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
40.79x15.78x16.35x5.13% 59.53B
9.33x12.62x15.75x5.32% 17.02B
11.08x22.71x26.71x3.73% 15.9B
19.83x16.83x24.67x4.99% 14.78B
10.03x13.26x15.96x5.5% 11.69B
8.15x22.75x30.66x2.73% 10.93B
31.59x11.34x17.89x3.74% 10.51B
28.43x7.4x12.1x5.48% 9.16B
-2029x8.39x20.01x1.85% 7.63B
Average -207.75x 14.57x 20.01x 4.27% 17.46B
Weighted average by Cap. -74.02x 15.39x 19.12x 4.62%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

Year-on-year evolution of the Yield

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